GRUPO SANCHEZ is filing for bankruptcy

[surfingbrazil]

GRUPO SANCHEZ is filing for bankruptcy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Whoever paid instalments to these people… well you lost it !
( ############### Quote
Barcelona, 22 mar 2008 (EFECOM).- La inmobiliaria Grupo Sánchez, controlada por José Antonio Sánchez Santamaría y Pilar Romero y con sede en Manresa (Barcelona), ha ido a proceso concursal de acreedores -el equivalente a la antigua suspensión de pagos- con un volumen de deudas de 97 millones de euros.
Según publica hoy La Vanguardia, el proceso concursal se ha presentado en los juzgados de lo mercantil de Barcelona, si bien todavía no ha sido asignado a algún juez en concreto.
Grupo Sánchez se ha visto afectado por la fuerte crisis que vive el sector inmobiliario y cuenta con importantes inversiones en segunda residencia en Alicante, en la Costa del Sol y en las playas de Natal, en Brasil, y en este último lugar la inmobiliaria asegura que ha invertido 38 millones de euros.
Entre los principales acreedores de Grupo Sánchez se encuentra Caja Madrid, Caixa Catalunya y diversos proveedores de la promotora catalana.
La continuidad del grupo pasa por la venta de las promociones de Natal para lo que mantiene conversaciones avanzadas con diversos inversores, si bien ahora cualquier transacción la deberá aprobar el juez que tutele el proceso concursal. EFECOM.- ml/txr
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Indeed another alarming sign and yet another proof of the gigantic scam going on, as I previously said.

[robh]

Originally Posted by surfingbrazil

GRUPO SANCHEZ is filing for bankruptcy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Whoever paid instalments to these people… well you lost it !
( ############### Quote
Barcelona, 22 mar 2008 (EFECOM).- La inmobiliaria Grupo Sánchez, controlada por José Antonio Sánchez Santamaría y Pilar Romero y con sede en Manresa (Barcelona), ha ido a proceso concursal de acreedores -el equivalente a la antigua suspensión de pagos- con un volumen de deudas de 97 millones de euros.
Según publica hoy La Vanguardia, el proceso concursal se ha presentado en los juzgados de lo mercantil de Barcelona, si bien todavía no ha sido asignado a algún juez en concreto.
Grupo Sánchez se ha visto afectado por la fuerte crisis que vive el sector inmobiliario y cuenta con importantes inversiones en segunda residencia en Alicante, en la Costa del Sol y en las playas de Natal, en Brasil, y en este último lugar la inmobiliaria asegura que ha invertido 38 millones de euros.
Entre los principales acreedores de Grupo Sánchez se encuentra Caja Madrid, Caixa Catalunya y diversos proveedores de la promotora catalana.
La continuidad del grupo pasa por la venta de las promociones de Natal para lo que mantiene conversaciones avanzadas con diversos inversores, si bien ahora cualquier transacción la deberá aprobar el juez que tutele el proceso concursal. EFECOM.- ml/txr
################################ Unquote )

Indeed another alarming sign and yet another proof of the gigantic scam going on, as I previously said.

It doesn't say anything about a scam nor lost deposits??

[surfingbrazil]

Originally Posted by robh

It doesn't say anything about a scam nor lost deposits??

No, it does not.
I am the one saying all this mumbo jumbo about the 100. Thousands tourist beds in and around Natal is a SCAM.
You are an agent, please act as a decent one and do not try to minimize the fact that filing for bankruptcy are indeed a very , very bad news for any one who might have paid money on account to these guys.

Do you really think that after the Spanish banks, the Social Security, the IRS and all the other “big guys” is there going to be anything left for the “blind investor” ?

[nigelallen]

Are they not the ones involved in Grand Natal Golf resort ?

[robh]

Originally Posted by surfingbrazil

No, it does not.
I am the one saying all this mumbo jumbo about the 100. Thousands tourist beds in and around Natal is a SCAM.
You are an agent, please act as a decent one and do not try to minimize the fact that filing for bankruptcy are indeed a very , very bad news for any one who might have paid money on account to these guys.

Do you really think that after the Spanish banks, the Social Security, the IRS and all the other “big guys” is there going to be anything left for the “blind investor” ?

Bankruptcy is most certainly a bad thing for the investors, but since the money was held in trust or with some bank guarantee, these investors may in fact be first in line??

I am not an agent for GS, so am not privy to the details, but maybe we should wait a bit before declaring everyone's deposit gone.

[PAUL-brasil]

Interesting stuff, hence why i think it is always best to minimise your risks by buying only what you can see in real in person!

[JMBroad]

As Robh said, the money should be held in escrow therefore the money would never have been given to the developer hence he has nothing to give back.

What the investors will have lost if the project does not go through is the opportunity of having invested that money into another project.

Also, "proceso concursal de acreedores -el equivalente a la antigua suspensión de pagos" is not exactly bankruptcy although I agree that it wouldn't be quite as dramatic to say that they had filed for "temporary suspension of payments due" due to lack of cash-flow. What this means is that a judge will be assigned to oversee the financial operations of the group.

I don't work with Sanchez or promote their development. But from what I hear they have a pretty large portfolio of assets under management so I'm not 100% convinced this is the end for the project yet.

[JMBroad]

Well, regarding Grand Natal Golfe this is what the owner of the lands had to say about it:

"The Brasilian company SPEL owns the lands and is the person to whom the licenses have been granted. Just because one of our partners has requested a "delay of payments" for one of their companies, in another country and due to the market conditions present in that country does not impact in any way our project on the beaches of Pitangui which will go ahead as planned".

SPEL is the sole owner of the lands and the licences and is a Brasilian company which was established over 17 years ago.

Tribuna do Norte, 25.03.2008

[JMBroad]

Originally Posted by surfingbrazil

No, it does not.
I am the one saying all this mumbo jumbo about the 100. Thousands tourist beds in and around Natal is a SCAM.
You are an agent, please act as a decent one and do not try to minimize the fact that filing for bankruptcy are indeed a very , very bad news for any one who might have paid money on account to these guys.

Do you really think that after the Spanish banks, the Social Security, the IRS and all the other “big guys” is there going to be anything left for the “blind investor” ?

Wolf Wolf Wolf.

They haven't filed for bankruptcy yet, although they may end up having to.
The deposits of the investors should be safe and secure with their lawyers.
This is related to their developments in the Spanish market more than their development in Natal and the mismanagement of their Spanish assets.
The development in Natal isn't owned by Sanchez, the lands are not owned (even partially) by Sanchez and the licenses are not in Sanchez' name.

It's a cloud, it's not Armageddon.

But it does bring out some interesting facts. The fact that Sanchez didn't own the land, didn't have the licenses and wasn't the owner of the development is why we never sold it. Also I suppose it's an easy enough mistake to make. Concordata Preventiva is what they applied for which can easily be mistaken for Concordata Suspensiva which is effectively bankruptcy.

[Golfingworld]

I think you are all missing the point..it doesnt matter one iota which form of àdministration`has been filed or who owned what land and where...the simple fact is who in their right mind is going to rush to Brazil to invest in off plan now (or any other country for that matter) and creat this wonderful stimulation that has been hyped for so long? World property is moving to crash it has only been delayed by peoples lack or realisation but as these companies go and stock starts getting dumped below cost the downward spiral continues and less investors come in to inflate the laready inflated prices....pure economics and not the form of `pushing water up hill `economics that a lot of your Agents have been trying for too long now. Its bad news and good news, sad for thiose losing out good that reality will come back to markets......Spanish developers were always going to have problems due to their home markets being bust.